Canada’s federal debt now stands at more than $1.1 trillion — or more than $30,000 per person.
Since the 1990s, the Canadian Taxpayers Federation has used its Debt Clock to show the federal government’s debt increase.
It is a massive digital counter mounted on the side of a moving truck that shows the national debt changing in real-time.
Recently, New Brunswickers were able to witness the debt clock in real-time in Saint John and Fredericton.
During a stop in Saint John on Friday, Franco Terrazzano, federal director, said the debt is increasing by $144.9 million every day.
“Or about $1,600 every single second, which means every resident of New Brunswick is on the hook for more than $30,000 in federal debt.”
While travelling across Canada, Terrazzano said he has heard from several citizens outlining their concerns.
“This is what we’ve heard; it’s not fair to pile on more debt onto their kids and grandkids, politicians have been spending too much money for too long, more debt today can mean higher taxes tomorrow, and inflation could get worse.”
According to data published by the Parliamentary Budget Officer, the federal government is not projected to balance its budget until 2070.
However, Terrazzano believes the budget could be balanced sooner.
“We have done analysis that shows the budget could be balanced by 2024 just by bringing spending back to pre-pandemic levels.”
Terrazzano outlined that in 2018, the federal government was spending at all-time highs.
“That means in 2018, the Trudeau government was spending more than the federal government did during any year of WWII, so with overspending like that even before the pandemic finding savings in every area of the budget should be like finding water in the Atlantic Ocean.”
Terrazzano added it is time for Prime Minister Justin Trudeau to discontinue massive borrowing and give taxpayers a plan for a balanced budget.
